Segmentation & Targeting for Course Project Market - Free Essay Sample

Introduction

According to Elrod & Fortenberry (2018), segmentation and targeting are essential and interrelated activities in target marketing. As segmentation deals with the identification of different buyer groups with diverse wants and needs, market targeting involves selection market segments to serve (Kotler & Keller, 2016). Under this content, the market for the course project can be divided into the following segments and targets.

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Geographic Segments and Targets

The method involves the identification of potential markets under the context of locations (Kotler & Keller, 2016). For the course project, targets can be selected under the lenses of regions and climates. In this regard, regions include urban, suburban, and rural areas. Thus, the product can be delivered to cities, towns, as well as the villages. Besides, the focus can be laid to serve clients living in areas with tropical and continental climates. For instance, under tropical climates, it is crucial to satisfy the needs of customers living in areas with wet, dry, and monsoon climatic conditions. More so, while considering the continental climate, care emphasis is crucial for the effective handling of clients during periods of hot summers and colder winters.

Demographic Segments and Targets

The strategy involves slicing the market into sets with specific factual and physical data (Kotler & Keller, 2016). Under the context of the course project, targets can be identified under demographic variables such as age and income. While emphasizing on the age, the clients can be classified into either parents or children. Relevant to Elrod& Fortenberry (2018), bolstering an affinity with children is a vital approach in influencing the parents. On the other hand, the parental target group can help in enhancing patronage in product consumption (Elrod& Fortenberry, 2018). More so, while considering the income variable, breaking the bulk can help in serving customers with different social-economic backgrounds. For illustration, the method can enable the clients to acquire different quantities and qualities of the products according to their financial strengths.

Psychographic Segments and Targets

The approach involves the division of the market according to variables such as lifestyles, interests, values, and motives (Kotler & Keller, 2016). Under the context of the course project, targets can be identified according to the customers’ social status to enhance optimal market penetration. Such social groups include top executives, skilled and manual workers. For instance, the affluent top executives who are used to luxurious products expect a compliment for such a lifestyle. However, an emphasis is needed on skilled workers who are accustomed to quality and affordable products. On the other hand, manual workers require quality but low-cost products.

Behavioral Segments and Targets

According to Kotler & Keller (2016), this is market segmentation according to the client purchase behavior, such as the buying frequency. Under the lenses of the course project, such target groups are loyal, frequent, and first-timers. For instance, loyal customers can be offered incentives to prompt brand advocacy. Such incentive includes offering unique experiences as well as discounts. The retention strategies for frequent customers can consist of the delivery of client service surprises such as handwritten notes and free gifts.

Conclusion

Thus, for the first-timers, strong customer relationships can be nurtured through building trust. For illustration, customer re-engagement can be prompted through automation. In this case, computer software can be used to handle some routines such as ordering, payment for service, and attainment of customer feedback.

References

Elrod, J., & Fortenberry, J. (2018). Target marketing in the health services industry: the value of journeying off the beaten path. BMC Health Services Research, 18(S3).
https://doi.org/10.1186/s12913-018-3678-5

Kotler, P., & Keller, K. (2016). Marketing Management (15th ed.). Pearson.